Israel launches 3-year programme to boost cyber industry

Under the three-year programme companies dealing with high-risk R&D will be eligible to receive up to 5 million shekels a year.

The programme will also help fund pilot projects in Israel and abroad. (Representative Photo: Pexels)

The Israeli government said on August 15 it is investing 90 million shekels ($24 million) to shore up the countryâs cyber security industry as a global leader.

Under the three-year programme companies dealing with high-risk research and development will be eligible to receive up to 5 million shekels a year. The programme will also help fund pilot projects in Israel and abroad.

âDespite significant investment from VCs who have expressed faith in the local cyber market, many companies face challenges in finding suitable sites to test their technologies,â said Aharon Aharon, head of the Israel Innovation Authority.

âThis new programme solves this issue and will significantly accelerate companiesâ growth and penetration into the global market,â he said.

Israel has about 5 per cent of the global market share in cybersecurity, second to the United States, and 16 per cent of worldwide investment in the cyber industry, according to government data.